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CNBC
Aug 5, 2013 4:00pm EDT
breaking news. i apologize. it's regarding the "washington post." and mary thompson has that very interesting story. mary? >> really interesting. jeff bezos, the founder of amazon.com, will be buying the newspaper publishing businesses of the "washington post" for $250 million. now, bezos is buying this with an entity that is his alone. this does not have anything to do with amazon.com. so it's basically a personal acquisition. the transition -- the transaction covers the "washington post," the newspaper, and other publishing businesses, including the express newspaper, the gazette newspapers, southern maryland newspapers, fairfax county times, greater washington publishing. what it doesn't include is slate magazine, the root.com and foreign policy. they're not part of the transaction, and will remain with the "washington post" company, as will wapo labs and social code businesses. once again, jeff bezos is paying $250 million for the newspaper publishing businesses of the "washington post." he has asked katherine wamuth, the ceo and publisher of the "washington post," as well as
CNBC
Aug 6, 2013 7:00pm EDT
to their center-right readers. and we'll see if jeff bezos can change that with his new "washington post." another week, another so-called major speech from president obama. he says he's ending fannie mae and freddie mac. but i see at least one if not two new government insurance plans. is anything really changing here besides rhetoric? and as the time warner/cbs blackout continues here's the big question. will this speed up the demise of the cable tv model? more and more americans are looking into cutting that cord. all those stories and much more coming up in "the kudlow report," beginning right now. >>> good evening, everyone. i'm larry kudlow. this is "the kudlow report." first up tonight, a major shake-up at two of the country's most influential newspapers. after four generations of family ownership the "washington post" is selling to amazon ceo jeff bezos. this coming on the heels of the "new york times" fire sale of the "boston globe," unloading the paper to red sox owner john henry for seven cents on the dollar. so what do the "washington post," "the new york times," "the boston globe," an
CNBC
Aug 11, 2013 7:30pm EDT
of the washington post. good to see you. >> good to see you. how's it going? >> good. why do you think jeff bezos was interested in "the post" especially since he acquired it rather than amazon buying it. >> i think it would be difficult for the company to buy it. they're doing so many different experiments that are costly. jeff is someone who's putting off profits for a lot of growth. i think that would have pushed investors over the edge if the company itself bought it. >> that makes sense. do you think with his ecommerce experience he can reinvent the newspaper the way he reinvented publishing? >> i'm not so sure. i don't think they'll sell kindless from the washington post. i think he has ideas about circulation and distributing the paper that he knows about very well. >> what's interesting to me is five or six years ago rupert mourdock acquired "the wall street journal" for $5 billion and here we are five years later, bezos is paying $250 million for the washington post. that's a real fire sale. >> yeah, or else rupert mourdock paid too much. what's happened in the last five years, you think
CNBC
Aug 5, 2013 7:00pm EDT
/11. after the bell stunner, jeff bezos buys "the washington post" for $250 bucks. and the bankrupt city of detroit starts the process of putting its priceless museum artwork up for auction. you wouldn't believe how much it could be worth. all those stories and much more coming up on the "kudlow report" right now. good evening, i'm larry kudlow. this is the "kudlow report." first up tonight, breaking news, jeff bezos paying $250 million for "the washington post" newspaper. a few days ago boston red sox owner john henry bought the "boston globe" for the bargain basement price of only $70 million. what is going on here? why will these foes succeed while others have failed. joining us is our own julia boorstin. why will they succeed where others have failed in. >> i think the question is how do you define success? one thing jeff bezos makes very clear in his letter about this and it was also in the press release is that he's not investing this just as a financial endeavor but he sees this as supporting journalism. he says "i understand the critical role the post plays in washington, d.c. an
CNBC
Aug 6, 2013 9:00am EDT
. >>> meanwhile, a stunner the world of media, washington post selling the newspaper publishing businesses including amazon to jeff bezos, and julia boorstin has more on that blockbuster deal. >> this news took everyone including editors and writer at the post by surprise. the washington post's company whose name will change saw the stock rise with caplan tech being sold and now what the billionaire icon plans to do with the newspaper. jeff bezos stressed what a newspaper plays in a free society, and he says that the newspaper's duty remain s s to readers and not the owner. the charting of the map ahead is not going to be easy, and there is a need to invent, which means we will need to experiment. and after knowing each other for a decade, this came together in the conference last month. >> we met at a conference fa face-to-face twice. the second week in july. we spent an hour together, and he asked for time to study the numbers, and then we spent another two hour s together, an at the end he said he wanted to go ahead. >>> that is hardly the first billionaire to buy into publish i ing. th
CNBC
Aug 5, 2013 5:00pm EDT
news. amazon jeff bezos buying the publishing business. >> the "washington post" is selling its newspaper publishing business to jeff bezos, bezos the individual, not connected to amazon.com. bezos is paying $250 million. the "washington post" company will retain control of the other major assets including kaplan test prep, post news week stations and cable one. the company says it will be changing its name although the new name has not been announced. allen and company did assist with this deal. jeff bezos as well as the ceo of the "washington post" company, donald graham were both at the allen and company conference last month. this deal probably took place now. as for what bezos has planned, he says in his press conference that he thinks the post plays a critical role in d.c. and the nation and the post values will not change. it has been on the cutting edge of some technology such as integration with facebook. we'll see what kind of technological things he tries with it. >> in terms of the name change, is it a name change for the corporate entity that would own the "washingt
CNBC
Aug 6, 2013 4:00am EDT
washington post," the paper battles falling circulation. what does this mean for the business of media? more analysis with bertha coombs from the states. and also, we take the pulse of the solar industry with edward guinness, ceo of guinness alternative energy fund. got any thoughts or comments, please e-mail us, worldwide@cnbc.com. we kick off in the corporate sector. a bit of a sell-off for want of a spin-off. sony shares dropping more than 5% after the japanese firm rejected investor dan loeb's plan to spin off part of its entertainment arm. some losses after the hedge fund said it would keep talking with sony to find more shareholder value. in a letter to third point, the ceo defended keeping full control of the entertainment unit, saying it helped to drive synergies. sony agreed to sharpen its earnings picture when it comes to disclosing movie and music revenues. you said they wouldn't really bend to dan loeb's influence. where does this leave him now? >> well, i think the fact of the matter is that if there is more recognition about the fact that the japanese companies move a lot more
CNBC
Aug 4, 2013 7:30pm EDT
obama goes on a cross country tour to bring up support for his economic plan. can washington come to an agreement other a big, new deal? and looking for a genius. the parents of amazon.com's jeff basos. >> this is america's number one financial news program "on the money." >> here is a look at what is making news. a disappointing job's report for the month of july. the economy created 162,000 new jobbing for the month. that was below the expected 183,000. but it fell to 7.4% as fewer people looked for jobs. job growth was revised downward was well. record setting weekend for the marks. kicking off the month of august with a bank hitting new highs on thursday after comments by the fed earlier in the weekend. the s&p 500 closed above 1700 for the first time ever. those commenting after the open market committee wrapped up a two-day meeting and announced it would continue buying bonds and mortgage backed securities to help keep interest rates low. the fed used the afraid modest growth rather than moderate growth. that was a light and subttle downgrade. the first reading was released
CNBC
Aug 28, 2013 3:00pm EDT
all know today a special day in washington. we've been watching the events there is your troun there surrounding the 50th anniversary of martin luther king i have a dream speech. we will be momentarily hearing a pealing of bills to mark that moment. after that president obama will be speaking to commemorate that moment. let's bring in john harwood in washington who has been following the day's moments. a poignant moment coming up with the nation's first african-american president. >> no question. we heard from bernice king, the daughter of martin luther king. she was born precisely five months before he delivered that speech. and it was a speech that has stood the test of time as one of the great pieces of rhetoric in american history. >> one of the measures we take now is how much progress has been made since the speech was made 50 years ago in terms of civil rights, job equality and so forth. >> in terms of political progress it's been substantial. we got an african-american in the white house. we have black americans in the last two presidential elections that actually voted
CNBC
Aug 6, 2013 6:00am EDT
the earnings season yet. here is the big news. amazon founder jeff bezos is buying "the washington post" newspaper for $250 million. this deal ends the graham family's 80 years of ownership. he calls this acquisition a personal endeavor. not amazon money he's using, this is his very own. and chairman and ceo don graham talking about this deal. >> jeff reached out to me less than a month ago. we met at a conference face to face, twice, the second week in july. we spent an hour together. he asked for time to study the numbers, we then spent another two hours together. and at the end of it, he said he thought he wanted to go ahead, but he obviously, he and his team needed time to look over the business and understand it more thoroughly. and then we -- he did and we quickly reached a deal. >> shares of washington post climbing to the highest level in almost five years. $588 and change. almost up $20 on this news. and this is something that we're really focused on just because of the journalism and everything. >> we have to. >> but the graham family. >> the graham family, giving it up after
CNBC
Aug 30, 2013 7:00pm EDT
through this summer, the markets have been pretty resilient. meanwhile another conflict in washington gearing up. the fight over debt ceiling, government shutdown, sequester, taxes all that continues. meetings between the gang offing eight and white house negotiators broke down. all that and more coming up on "the kudlow report" beginning right now. >>> good evening, everyone i'm larry kudlow. this is the cut low report. you heard my interpretation of today's speeches. john kerry talked tough in a stroke and brilliant speech. president obama on the other hand seemed to walk it back. let's go cnbc john harwood. he's live in washington for us this evening. first of all, thank you, john and second of all, good evening. what can you tell us? >> reporter: i don't think president obama was walking back those remarks from john kerry. they had different missions. we saw an acceleration of a momentum for a military strike on syria. john kerry came out saying the u.s. had evidence that syria had weapons to kill 1400 people. president obama tried reassure the american people that any u.s. respon
CNBC
Aug 2, 2013 7:00pm EDT
will come off a little bit and maybe that helps some, but we've got a huge washington cloud. >> hold that thought. i'm going to get to that thought. i want to go to carl on this. i don't know whether you share our view or not, but it isn't so much that 162 is 25,000 less. it's things like, you know, half the jobs that were created came from retailers and restaurants and it's the very low-end wages and the fact that the part-timers are beating the full-timers. that's what troubles me. >> larry, in every economic cycle, the low-skilled jobs are the first ones that are shed in economic downturns and they tend to be the first to come back when the economy rebounds and we can also look at unemployment levels based on the level of college education. so the phds, tend to have higher quality jobs than someone who hasn't completed a high school degree and that's why there's such a higher level of unemployment in the demographic. it's been four years plus from the bottom of the jobs recession and it's been four years plus. we ought to be knocking out, frankly, 300,000, 400,000 a month in all o
CNBC
Aug 28, 2013 6:00pm EDT
of syrian air strike fears, and anger about upcoming political wrangling in washington have cast on the stock market and they've combined to keep, let's say the average is not doing much this month except for going down. keep in mind that this toxic brew along with higher gas prices and stretched stock valuations have made the market more perilous than it's been in some time. we've got to ask ourselves, which are the least perilous stocks we buy once you believe the market has baked in the latest bad news? i don't think it has yet. but maybe you think the worst is over. i'm going to try to help you, okay. let me give you the list i've been working off of. in part because i run a charitable trust. you can follow it along, and part because i came out here many times in the last six weeks and told you to wait for a pullback in certain stocks. the pullback's here. i can't now say wait for another pullback. i've got to at least be true to what i told you earlier. first, because it is freshest, is retail. two retailers stood out among a totally, you know, look, just a terrible group. t
CNBC
Aug 5, 2013 12:00pm EDT
&p's downgrade of america's credit rating. >> two years after the downgrade what lessons has washington learned since then? have they learned any lessons at all? [ male announcer ] come to the lexus golden opportunity sales event and choose from one of five lexus hybrids that's right for you, including the lexus es and ct hybrids. ♪ this is the pursuit of perfection. otherworldly things. but there are some things i've never seen before. this ge jet engine can understand 5,000 data samples per second. which is good for business. because planes use less fuel, spend less time on the ground and more time in the air. suddenly, faraway places don't seem so...far away. ♪ time to have new experiences with a familiar keyboard. to update our status without opening an app. to have all our messages in one place. to browse... and share... faster than ever. ♪ it's time to do everything better than before. the new blackberry q10. it's time. the new blackberry q10. a quarter million tweeters is beare tweeting. and 900 million dollars are changing hands online. that's why hp built a new kind of server. on
CNBC
Aug 5, 2013 3:00pm EDT
ago today, august 5th, 2011, stand & poors downgraded the credit rating. more from eamon in washington. eamon? >> reporter: hi, kelly. the markets are up a ton since then. but congress this week anyway is out on vacation. it's august here in washington, and that means the members of congress ski dadled at the end of the session last week. they're going home to their districts. they're going out to campaign. they're going out to raise money, on vacation. what they're not doing in washington is dealing with the next fiscal crisis that could be looming right around the corner. remember, at the end of the fiscal year comes in september, they're coming back in session september 9th. but at the end of the month, they're going to have to come up with something to do with the federal budget, possibly a continuing resolution that could be contentious. and after that, later in the fall, the debt ceiling fight. we'll have that all over again. even though the deficit itself has been going down, because remember, earlier this year, we did raise taxes and lower spending through sequester. it was --
CNBC
Aug 15, 2013 1:00pm EDT
the highs, however. diana joins us from washington to sort it all out. hi, diana. >> hey, tyler. you're right, it does seem like a disconnect. first to the sentiment numbers, homebuilder sentiment index, up three points for august. that's the fourth straight month of gains despite rising interest rates. of the three index components, current sales up 3 points. future sales expectations up one point. only buyer traffic seems to be lagging here unchanged and still in the negative territory. this, as we heard, the homebuilder stocks up today but well off their highs. you can see the housing index is now in bare market territory over 20% from its high on may 20. d.r. horton is now at a one-year low. why the disconnect? they are rated much more to the private buildings. they're seeing big demand because of lack of existing supply and demand on the market. they say interest rates are not hitting them that high. of course, it's a huge run-up in the stocks before a recovery really took hold. some said they were, in fact, overheated before then, and now that you have rising interest rates in
CNBC
Aug 16, 2013 7:00pm EDT
, bill, it's going to come down that decision right as washington is dealing with the fiscal standoff that we got coming on and that could provide an added wrinkle because larry summers, without doubt will be confirmed if nominated by the president but might be more difficult and more static than janet yellen and the president has to figure out how much political capital he wants to invest in that. >> indeed. john harwood, good job. thank you. >>> we do have a confluence of events coming this fall, ron not only choosing the new fed chair but the debt ceiling is still to be dealt with, the budget. obama care will have to be coming up in many areas. a lot of things to be dealt with all at the same time that will have a meaningful impact. >> the fed stuff is central. larry summers has voiced to a certain extent and this came back his distaste to quantitative easing. look, if i had to do it, i have a dream speech about the fed right now, ben bernanke staying for a third term. larry summers is known to be a bull in the china shop. there's a much different process in the fed than there migh
CNBC
Aug 19, 2013 1:00pm EDT
the argument is, is a bank too big to manage? there's a growing sense washington is trying to find issues to try to prove that jpmorgan or other big banks like that are too big to manage because you can't control, you can't watch that closely everything that's going on in every single arm. the other thing is investigations beget more investigations. what does that mean? jpmorgan has been under so much fire that the government and virs regulators have placed monitors from various consulting firms inside the bank. the more people you actually have from the government inside your four walls monitoring what you do, the more things -- >> they may find. >> exactly. >> mr. dimon has said i have more people from the u.s. government in my four walls than anybody else. an awful lot of charges in other cases have been for failure to supervise. >> right. >> and that goes to that question of scale and whether something is too big to supervise, right? >> that's right. >> kayla, thanks. >> thank you, tyler. >>> simon, down to you. >> a market flash from dominick. >> we're looking at the housing sector.
CNBC
Aug 12, 2013 9:00am EDT
bezos. i just won't doubt this guy. >> we haven't talked about -- out in "the washington post." >> one of the most amazing stories in the world. articles about how they miss politico. "newsweek" going down. print is just a disaster. and "the washington post," the graham family, what are they now? >> they're kaplan. >> i just find that -- i think it was kind of sad. >> it was. although you can make an argument that it isn't much sounder at this point. mr. bezos getting his $25 billion personal net worth is in a better position to allow this company to do what it potentially needs to do. >> right, these are vanity acquisitions. "the washington post" becomes like a university. and jeff gave a lot of money to the university. kind of endowing "the washington post." >> does it make you in any way, shape or form think about amazon in a different way? people talk about money managers who buy sports teams, should we be thinking about founder ceos who buy newspapers? >> interesting point. i have a company ecom on tonight. what you have is that guy is really doing amazing things underneath an ama
CNBC
Aug 27, 2013 5:00pm EDT
in washington as we near another debt ceiling. but of all those things, which risks should you be the most focused on right now? we're breaking it down with tim, josh, guy and mike khouw. before we do any of that let's get to mcc, michelle ka brar row with how u.s. involvement in syria could play out. >> chuck hagel making it pretty clear today, brian, that, in fact, it's increasingly likely that there will be military intervention when it comes to syria because they have crossed that red line. he believes there has been a creme cal weapon strike and it was the regime that did it, not the rebels. here's the questions you have to ask. if the u.s. does get involved, what kind of strikes are they go to do? most likely targeted as we listen to what the administration was saying today. how many strikes, how long. the rebels would love a very deep intervention, something that would destabilize the regime, shift the balance of power. they're not going to get that. jay carney, the spokesman for the white house said it's not regime change. the markets, you talked about it when it comes to gold, bon
CNBC
Aug 27, 2013 6:00pm EDT
, partisanship and ugliness dog. even the most ugly thing in washington like needing to pay the federal bills, but it does matter. it kills the market every time it happens. take a look at the charts. the sequester knocked the market for a loop. does anyone think this time will be different? of course not. we could have been down 1% on the interviews alone. i think it's obvious that they provide no up side, and all down side and the budget battle will be all about raising taxes on the rich, right? hey, come on. and the republicans saying they want to cut taxes but will not present anything that is important to cut. neither side will see eye to eye. that is why we are in this position. it's truly silly that the fed is talking about a tapering before the debt ceiling negotiations. ben bernanke had to see this ahead. it's one of the few things that can be banked on is the problem that washington causes. memo to mr. bettrnanke, you hav to come out and say tomorrow, that you will not do anything about tapering until the debt ceiling and the budget is taken care of. they are all about making everyo
CNBC
Aug 6, 2013 1:00pm EDT
"washington post." i think it took almost everybody by surprise certainly. when you look at the price that he paid compared to what "the post" was worth some years ago, he certainly got it for a bargain, but he's not the only very wealthy individual billionaire to buy newspapers. what is it about owning a newspaper that appeals to these high net worth individuals? is it the editorial power, the platform or ego or maybe both? >> i think you have to disaggregate here. mr. henry, john henry buying "boston globe," that's a local decision, and it raised all kind of ethical questions, how the sports writers independently are going to cover the boston red sox which he owns, or the newspaper now owns. in bezos' case it's different in what he is someone who is arguably mr. digital, and one of the issues for him, he loves being a disrupter and loves the idea i'm sure of saying how can i transform the "washington post" into a model digital product and actually figure out a way no one has figured out yet how to make money on a digital newspaper n.warren buffett's case he's buying monopoly newspapers in s
CNBC
Aug 19, 2013 7:00pm EDT
of times here and in washington people talk about austerity. what you really need to do, i believe, in our states and in our nation's government is reform. we made things work better. we didn't just cut things. if you cut things, then things that we genuinely need to have happen get cut just as much as things that don't. we reform things, we put things back in the hands of the taxpayers. let me give you a good example. not just the state level but before under collective bargaining most of our school districts had to buy their health insurance from just one company. today because of reforms they can bid that out and that's saving them tens of millions of dollars. that's money that goes right back in the classroom. that's real reform that isn't just about cutting spending, it's about making the government work better. >> just basically a couple other points on this. you are not participating in what may or may not be obama care. i don't know if the thing's going to die of its own weight or not. you're not buying into the medicaid expansion. you're not buying into the insurance exchanges. >>
CNBC
Aug 27, 2013 6:00am EDT
time. >>> in other washington news, the white house preparing to release intelligence evidence alleging the use of chemical weapons by syria. secretary of state john kerry called last week's attack a "moral obscenity," and he's laid out the case for a u.s. military response. >> anyone who could claim that an attack of this staggering scale could be contrived or fabricated needs to check their conscience and their own moral compass. what is before us today is real, and it is compelling. so, i also want to underscore that while investigators are gathering additional evidence on the ground, our understanding of what has already happened in syria is grounded in facts, informed by conscience and guided by common sense. >> uncertainty about the possible military action against the syrian government is helping lift oil prices near a five-month high. and also, some new numbers on the massive california rim wildfire that continues to burn out of control. crews now have 20% of the fire contained. that's the good news. but it's still fanning out across the mountains in multiple directions, and the
CNBC
Aug 30, 2013 9:00am EDT
in mind how much damage the economy has absorbed from washington this year. we started off with big tax increases. then we went right into sequestration budget cuts. the third quarter, you know, hour's work i believe is coming down because employers are adjusting hours work to avoid obamacare, that 30-hour thresho threshold. off had something pretty big coming out of washington that has impeded economic growth. as we move into the fourth quarter you're finally kind of unshackling the private sector from what washington has been doing to it. i think that's where you see the acceleration. >> curious, as well. you're talking effectively about a policy that's coming out of washington, obamacare, et cetera, that could be having an impact. i don't know if people are focused enough on how much of a fiscal drag there is out there. if you were to take that out of the picture, the growth that we've seen so far might look a little bit better. unfortunately it doesn't look like there's going to be any end in sight for that. doesn't that argue, again, for a little bit more caution here among investo
CNBC
Aug 12, 2013 6:00am EDT
deal to buy "the washington post." a column today says that the amazon founder's expertise in harnessing customer feedback could be a boon to the newspaper industry. publishers now track every click a reader makes online. the column also suggests -- listen to this -- bezos might be able to accelerate the personalization of news which has been a goal of many publishers. an enormous long tail of products is available at amazon from out-of-print books to highly specialized grocery items. there is an analogy to news if mr. bezos can use technology to make it work. news about my town is fine, but news affecting my neighborhood is better and news affecting my block is best. >> my question, and i keep hearing it over and over again, is somehow there's going to be this synergy between amazon and "the washington post," and that he's going to use people who worked at amazon to create these through technologies. >> i don't think that's going to be the case. it's going to be completely separated. >> it's going to be completely separated, and that's what i don't understand. how is he --
CNBC
Aug 28, 2013 6:00am EDT
the syrian border. >> reporter: washington says this is not about regime change, that the united states doesn't want to get involved in syria's civil war, that this will simply be a punitive action so that the use of chemical weapons does not go unnoticed and unchallenged. >> there is no doubt who is responsible for this heinous use of chemical weapons in syria. the syrian regime. >> reporter: the leader of the free syrian army told us today he hopes three days of military strikes will just be enough to topple the regime, that it could weaken bashar al assad's grip on power just enough that the syrian rebels will be able to finish the mission and actually drive him from power. and in order to do that, the leader of the free syrian army told us in conjunction with a western military action that the rebels will launch their own offensive. they have already begun to stockpile ammunition, some new ammunition has been arriving. they have confirmed to us the question now is what will that leave the united states and what will it leave syria, if bashar al assad is toppled. there are many different r
CNBC
Aug 8, 2013 6:00am EDT
whose workers they represent too. they have their own obligations. go back to 2005 washington post article, he hwe need to rework finances. a couple of people out a few years ago, former members or members of other unions questioning their cash flow situation. the afl-cio, regardless of the people, the companies it represents, has its own financial issues that it needs -- the only way, like any organization, doesn't matter what you are, you need new members to supply and fund old members. that's it. >> i wonder if there is a larger question of unions in america, where union membership is going, period. recently gone down, been a number of examples, obviously -- >> listen -- >> whether it is detroit or autos or airlines where it hasn't worked and yet we're now in a -- such a different economic environment, where i can see unions become more popular again. >> i think you're touching on an important topic, bigger than this. i understand wage inequality is at a record and it is awful and does great harm to social good. but -- >> but the bottom -- >> it is hard to find a country -- it i
CNBC
Aug 8, 2013 1:00pm EDT
in washington. diane that? >> reporter: well, that's right. that net income is nearly twice the income earned in q2 of last year. as you said the company's sixth consecutive quarterly profit. the mortgage giant, which along with freddie mac, now backed nearly two thirds of all new loans, reported a positive net worth of $13.2 billion as of june 30th and will may taxpayers as a different on the senior preferred stock. treasury performed some of that is stock to keep the company afloat, and after the september dividend payment, fannie mae will have paid approximately 105 billion, trim mayopolis said we expect or revenues to be stable and earnings to be strong over the next few years. it was driven by continued stable revenues and boosted by a significant increase in home prices in the quarter that resulted in a reduction in the company's loss reserves. earlier this week president obama traveled to phoenix to make a strong pitch to dismantle fannie mae and freddie mac and bring private capital back to the mortgage market. fannie mae's ceo says that profitability should not slow the appropriate d
CNBC
Aug 26, 2013 7:00pm EDT
and gold higher. we'll have the latest on this developing story from damascus to washington to weight. >>> another developing story, the debt ceiling battle is heating up. treasury secretary jack lew has sent a letter to boehner, warning twha the debt limit will be r50e67d in october. how will the gop respond? and don't forget about the economy. more evidence out today there will be no second-half economic rebound. does that push the fed taper way back? might your mortgage rates be coming back down? all those stories and more coming up on "the kudlow report", beginning right now. >>> this is "the kudlow report." first up, the u.s. getting closer and closer to military intervention. secretary of state john kerry left little room for doubt. nbc news's steve handelsman has the details. >> good evening, larry. keep in mind the united nations investigation is not complete. this is the unilateral conclusion of the obama administration, presented dramatically today by a man not usually given to public shows of emotion, u.s. secretary of state john kerry stating it is america's conclusion tha
CNBC
Aug 29, 2013 11:00pm EDT
the market. you get the big september shutdown in washington. you shut down the stock market with it. probably another 5% decline. one man made scenario, we go to all time highs. another man-made scenario, the bullish current has common sense behind it, typically, it can produce more jobs. the bears has little support of the economically deaf politicians in washington. to make matters worse, the fed has burned down the gauntlet. so if the war and the government burned down, ben bernanke is take, himself out of the risk. interest rates can spiral higher. what do you do in that environment? that's easy. i think it's a recipe to stay on the sideline, these macro forces would move us around. i'd rather stay in the bay, not take my chances. we are facing man-made events. the men making them and women do not care about the economic impact of their decisions. they simply don't take them into account. they don't take your job into account. neither party in that environment. but that, well, in that environment, that needs to stay planted firmly on your shoulder until either stocks come down o
CNBC
Aug 6, 2013 3:00pm EDT
on the washington post rising in today's trade, as bezos agrees to buy the publishing assets for $250 million. bill, back to you. >> that's amazing. thank you, josh. bob, i remember the days, when we would say, what would barry do next, barry diller? now we'll have to be asking, what's jeff going to do next, right? >> yeah, i think the big thing here is it's just amazing how the media landscape has been changing. the "washington post" story, for example, just came completely out of nowhere. nobody even knew he'd be interested in buying something like that. and i think the price was a little bit shocking. particularly coming on what the boston story -- what the -- what was going on with boston and the price they paid there. i'm blanking on the cost of what happened up in boston. two big newspapers sold at rather shockingly low prices in the last week or so. >> yeah, they sold it to john henry for $70 million. >> reporter: thank you. >> "the new york times" paid $1.1 billion for that not too long ago, and they're selling it for $70 million. so bargain-basement there, and pretty much, you could say th
CNBC
Aug 20, 2013 4:00pm EDT
. not a lot of news. congress is out until september the 9th, and this is important, because washington is the financial capital of the world. when they come back in september, they're going to have nine days until -- nine working days until they have to deal with the continuing resolution for funding the government's expiration. that, i think, will be very important. it will add to the noise. the weak economic data. and i think the fed will not begin tapering, which would probably be good for stocks, in september. >> yeah. mike queen, terry duffy said something interesting, when we do get the news of the new fed chairman, we probably could see a sell-off in stocks as rates go higher. and obviously, some real activity around rates. do you think we see a stock market sell-off as rates move higher? >> i think it's not unreasonable to think the stock market's going to have a rough several weeks ahead of it with the fed chair uncertainty and the budget battle. but we spend most of our time working with affluent individual investors, and they really -- they're not focused on the when of inte
CNBC
Aug 23, 2013 7:00pm EDT
. good evening, steve. what can you tell us. >> reporter: critics in washington are complaining that president obama delaying any u.s. military response, if, in fact, he ever orders one and is giving a green light to syria's government to use chemical weapons again, but that wait might -- might soon be over. here is a clue from former top obama adviser david axelrod who is still wired in the white house from chicago. axelrod said today he expects the president will take action. maybe a surgical strike says axelrod, maybe setting up a no-fly zone and maybe setting up a possible cruise missel strike and the president himself suggested that now, u.s. national security is at stake. he says if chemical weapons were used, the u.s. forces in the region, not clear exactly which forces he's talking about might be in danger and the president cited a worry about proliferation, spreading chemical weapons. presumably that could happen and by the rebels seizing chemical weapons and turning them over to al qaeda. here's what he said on cnn. >> there is no doubt that when you start seeing chemi
CNBC
Aug 27, 2013 7:00pm EDT
and now it looks like a battle royal is brewing in washington, d.c. these stories and many more coming up in "the kudlow report" beginning right now. >>> good evening, everyone. i'm larry kudlow. this is "the kudlow report." in a major developing story, nbc news is reporting a strike against syria could come as early as thursday. aids say president obama and no longer questions if the syrian government used chemical weapons. the questions are what will the u.s. do and with who's help. nbc's richard engel joins us now from the turkey/syria border with all the latest details. good evening, richard. >> reporter: larry, syria is showing no signs by being deterred of all of this talk of military action. in fact, just yesterday there was another attack that rebels say used chemical agents. a white phosphorous attack that doctors say killed at least 12 people. white phosphorous technically isn't a chemical weapon, but it is illegal if it's used to kill people. it's a burning agent, a burning smoke used by many militaries. in this case it was dropped on civilians according to the rebels. today sy
CNBC
Aug 28, 2013 11:00pm EDT
much turmoil in washington. many of the consumer packaged goods stocks only yielded 3% and change. got more on them later. too early, utilities, no thank you. housing gone from amazing to plain bad. again, adding up so quickly we have to wait until the fourth quarter to see if people don't mind the new interest rate sticker shock. i don't have a lot of stocks that are down enough. and i'm not call a bottom. here is the bottom line. the circle back will be in effect tomorrow. look for companies that reported terrific quarters recently and be ready to start nibbling when the smoke clears, that way you'll have the conviction to buy more if it turns out the situation is worse than first thought. am i doing this for my charitable trust? today when the market was down, we committed some, some of the trust's cash. but only in stocks that had fallen so hard that the purchases helped our cost basis or what we paid for the sell-off. that's my way, my discipline. we left plenty of room for more. plenty of room. if things go awry, and we know in the middle east that very few thing frs go as planne
CNBC
Aug 5, 2013 6:00am EDT
're having the fed tapering at the same time we have two fiscal crises in washington. you got the continuing resolution, you need to fund past october. ten you have a debt zeal ceiling coming in okay. the confirmation of a new fed chairman. that seems like a lot of risk inherent. >> it does, do my earlier point, in 1983, paul soekrngs faul voe didn't tell anyone he was raising the rate. >> they destroyed bond market in the process. >> the stockmarket went down 9% over the course of two months. the last 2.5% corrects occurred on the rate hike in november. that was the last 2.5% correction for ten months. >> that's a great point, jeff, quickly, because we often in the media, we make this mistake. we assume it's a binary relationship, what's bad for one must be good for the other, vice-versa, simply not the case, is it? >> i think barry's.is the spot on. paul voelker came in in 1979 and raised the interest rates. had a smooth move. stocks quickly followed. it was off to the races on the upside. he is spot on with his analysis. >> final line, we got to go. this scary news over the weekend about
CNBC
Aug 5, 2013 1:00pm EDT
and she joins us from washington. hi, diana. >> hi, sue, and you're right. fewer people are applying for mortgages overall and refinances are positively plunging. that has banks looking for more business and easing up a little bit on that tight, tight credit that had become the norm during the housing crash. take a look. credit availability rose 2.2% in july month to month and is up 3% from may, according to a new survey from the mortgage bankers association. may was when mortgage rates began to rise. the increase in availability was primarily driven by increases in cashout refis and some growth in offerings for borrowers with higher ltds or lower credit scores. again, this is likely due to the drop in overall applications, down 47% last week from a year ago. refis down 59% while purchases up 5% so not really making up for it. refis are now 63% of all applications. they had hit a high of 84% of all loan applications in december of last year when mortgage rates had hit their record lows. refis are where the banks had been making a lot of their money in the mortgage space. now, on aver
CNBC
Aug 5, 2013 6:00pm EDT
the final crisis or the reform in washington produced in response to the crisis. or and this is something that soured a whole generation of people in the stock market, too many tech stocks going to the dot com bust. the goal of diversification is to spread your money across unrelated stocks. so when something happens that makes one good down hard wbt rest remain relatively unscathed. can you even go higher? that's the view of the diversification, and it is mandatory. but you know what? if you're going to prepare for anything, it is not enough to make sure your stocks don't overlap. you want all kind of markets. so tonight i explain the new diversification. how to make sure you own something that is an increasingly chaotic, difficult and unforgiving investing environment. where diversified by sector loan is not enough. sure we have benign moments but at any time we know it is a big up, small down, we end up kicked to the curb as everyone knows. and we wish we are diversified as a hedge. against our own complacency and the fed loose loses control of the situation. there are five areas you n
CNBC
Aug 7, 2013 1:00pm EDT
worker edward snowden asylum for one year. eamon javers live in washington with the consequences of this action. eamon? >> hi, tyler. well, can you tell that the relationship between president putin and president obama has gotten increasingly awkward in recent month. just look at the body language of their most recent meeting, the two men sitting some distance apart. putin though not looking very happy to be on a stage with obama and obama not happy either. this is what the white house had to say today in their statement. they said russia's disappointing decision to grant edward snowden temporary asylum was also a factor that we considered in assessing the current state of our bilateral relationship. now, that's why they cancelled this summit, but last night talking to jay leno on "the tonight show" the president said there are areas where the united states can still work together with rush, despite the recent unpleasantness. >> a lot of what's been going on hasn't been major breaks in the relationship. they still help us on supplying our troops in afghanistan. they are still hel
CNBC
Aug 9, 2013 3:00pm EDT
-emptively, which is sort of a standard washington exercise that i don't like. because when somebody's worked hard for me and worked hard on behalf of the american people, and i know the quality of those people, and i see them getting slapped around in the press for no reason -- before they've even been nominated for anything -- then i want to make sure that somebody's standing up for them. i felt the same way when people were attacking susan rice, before she was nominated before anything. you know, i tend to defend folks who i think have done a good job and don't deserve attacks. but i consider them both outstanding candidates. my main criteria -- i've stated this before, but i want to repeat it. my main criteria for the fed reserve chairman is somebody who understands they've got to do a mandate. a critical part of the job is making sure that we keep inflation in check, our monetary policy is sound, that the dollar is sound. those are all critical components of the job, and we've seen what happens when the fed's not paying attention. you know, we saw prior to paul volcker coming into place infla
CNBC
Aug 20, 2013 7:00pm EDT
that the characters have changed that much in washington. >> the republicans have learned they've not going to shut down the government. because shutting down the government is the stupidest damn thing in the history of the earth. i know they're republicans, but i don't think they're going to be that stupid this time. >> i hope you're right, because it was so ugly last time. and i don't want to go through it again. and by the way, we ended up getting through that and making up that ground because economic growth was trending up. it's not doing that right now. i think it could even be worse this time if they make that same mistake. >> you're still monumental bear on the stock market. i'm going to give you the last word. >> well, larry, you said before the one thing i am is consistent and i am still consistent. i am still expecting a 20% correction and i think it will really start in earnest this year. >> you know what troubles me? a, what troubles me is you might be right. but b, you have a lot of tweets. i see your tweets. a lot of people. what do they call you, the chart -- >> the chartress. >> i
CNBC
Aug 21, 2013 4:00pm EDT
of washington is a dampener on all industrial and economic activity. the amount of time that -- >> i don't think so. >> huh? i beg your pardon? >> i don't think so. i think what's slowing the economy will be interest rates going high enough, that will slow the economy. i don't think -- the average american doesn't care about regulations. they carry what's in their wallet from one month to the next. >> the guy running the corporation -- >> he's not going to get a job if the employers are spending their time dealing with regulations -- >> we're not creating jobs. we're creating 192,000 jobs a month. it's not job growth. it's about 10,000 more a month. [ overlapping speakers ] >> oh, my god. >> -- the thing i've heard today is that the fed is doing a fakeout on all of this. >> all right. thank you, gentlemen. we appreciate it. over to jon fortt. >> reporter: maria, here's something everybody can agree on, and they are the details of the leadership changes at hp. bill veckti, chief operating officer, until now, takes over the enterprise group, and that includes oversight over all cloud efforts. dav
CNBC
Aug 22, 2013 7:00pm EDT
. if you want to shoot some slings and arrows, shoot them at the smoke screens we get out of washington or shoot at the federal reserve board that's manipulated the markets more than any other entity in the history of financial markets. but the reality is if you're not going trade because of this kind of thing then you're not a serious investor. the markets are doing pretty well. stocks have done pretty well. you need to look at these things and while these systems need to be improved, that's not retail investors or institutional investors really need to be focused on. >> jeff, we don't know, we don't have foresight but what do you think will happen tomorrow? i mean the price action today was good. i don't know if the nasdaq rallied the last half hour is credible or not. i don't know if all the rises are workable or not. let's assume they are. what your looking for tomorrow? >> a lot of people shrug this off due to the fact the markets were up today. just because there was no harm and no foul i think they really have to look into this. so tomorrow we're going to be interested to see wha
CNBC
Aug 26, 2013 6:00pm EDT
. if washington's about to come back and become another hot bed of gloom and partisan infighting starting september, who would want to sell the dollar stores? you want to buy them. netflix has taken up residence on the new high list. growing subscriber list and it is a cold stock. i wanted apple and microsoft to buy netflix. since then it's tripled. you make that same argument if it trades at $382. it's overpaid. best buy, that won't quit. some of the propellant comes from the 49% decline it underwent last year. second worst performer in the s&p 500. at this point the 200% rally at the bottom falls at the feet of the hard goods renaissance in this country as individuals seem to have abandoned apparel for hardware. harley davidson sitting on the 52-week high list for another reason. i can't see gatsby riding a harley. it is a terrific status symbol. dow chemical has gotten on the new high list by virtue of its cheap feed stock. it uses natural gas and nat gas liquids to make plastic. wynn resorts finds itself on the list. wynn is the casino gambling destination for chinese. go figure. i do
CNBC
Aug 27, 2013 4:00pm EDT
in washington. of course, over the debt ceiling, as treasury secretary jack lew, should be very concerned. >>> and with millions of college kids headed back to school this week, a panel of pros with savvy ideas how to pay the sky-high tuition bills. don't miss the second installment of our week-long series "school days: the changing face of college." >>> you're watching cnbc, first in business worldwide. ron: i'm never alone with scottrade. i can always call or stop by my local office. they're nearby and ready to help. so when i have questions, i can talk to someone who knows exactly how i trade. because i don't trade like everybody. i trade like me. that's why i'm with scottrade. announcer: scottrade- proud to be ranked "best overall client experience." >>> the situation in syria is taking its toll. look at the numbers, oil surging nearly 3% here in the united on concern, the u.s. may be inches closer to a potential military strike on syria, perhaps as early as thursday. kelly? >> bill, peter schiff is saying this is bad news for an already sluggish u.s. economy while david haile of davi
CNBC
Jul 31, 2013 11:00pm EDT
doctors and what should it be said about what should happen in washington? >> this is big. watching the movement in athena from basic claims payment -- >> it's a fee for service. initially, that's how i viewed you. >> we came up with 40 million ways that we knew about that insurance claims denied. 40 million? anyway. now, what's happening is you're moving from fee for service to fee for outcome, so the government law, there's things called risk contracts where the health plan is saying i give up. here's how much i'm spending on this patient, you take care of it, making doctors now responsible for the clinical quality and total cost of referrals. doctor didn't use to care -- there's no consequence of the doctor when he choose which cardiologist. our business model depends on connecting clinical providers to one another clinically, not financially. does that make sense? there's a movement from fee for service to fee for health status obtained. so now, everything a doctor ordered off her pad counts. it didn't used to. >> i think david faber broke this story about community health. good
CNBC
Aug 9, 2013 9:00am EDT
at post flin, michael, senior editor at yahoo! finance and financial reporter at the "washington post." guys, good morning to both of you. >> good morning. >> markets leaning red this morning after avoiding the first four-day losing streak of the year. we have at least six ipos on the docket. may be seven. we'll find out more in a few minutes. watch bonds today. investors pulled $4 billion from treasury funds in the weekended wednesday. you're going to hear more great rotation talk today. road map begins with blackberry open to the idea of going private. >>> also, priceline beating expectations and the shares approaching new highs, not seen since the dotcom era. >>> it's shark week on wall street as our our guest likes to say. >>> hedge funder bill ackman pushes jcpenney to push up its search for a ceo. >>> published reports say the smartphone maker is warming up to the possibility of going private. the company's board are said to be increasingly coming around to the idea. no deal is imminent and blackberry has apparently not launched any kind of sale process. interesting though, guys
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